On 1 October 20x4 Pumbaa and Timon were admitted to the Hakuna Matata partnership. The following terms and conditions relating to the admission were agreed upon: 1. Statement of financial position values after taking the above adjustments into account should be used. 2. Simba would take over the only motor vehicle for his personal use at its recoverable amount of N$90,000. 3. Puumba was to bring into the partnership his motor vehicle valued at N$80,000, as well as N$10,000 cash for a quarter share of the business. 4. Timon was to bring into the partnership a cash contribution to capital of N$45,000, for a one- eighth share of the business. 5. Simba and Nala were to give up the profit share allocated to the new partners according to their existing profit-sharing ratio. 4 YOU ARE REQUIRED TO: 1. Calculate the new profit sharing ratio of the four partners after the admission of Pumbaa and Timon. (4 marks) 2. Prepare the capital account of the partnership (in columnar form), taking all the above information into account. (21 marks)